February 26, 2020 (MLN): Samba Bank Limited has announced its financial results for the year ended December 31, 2019, wherein its profits have increased by 0.55% to Rs. 686.4 million only while Earnings per share have remained static at Rs. 0.68.
The bank reported an uptick in Net Interest Income by almost 30%, despite a 91% increase in interest expense. On the other hand, the non-interest income depicted a growth of 9.6% on the back of rise in Dividend Income and Forex gains by 35% and 82% respectively.
The operating expense of the bank increased by 20.6%, whereas non-core charges reduced by 47%.
The company’s profits were limited by a six-fold increase in provisions, from Rs. 68.3 million last year to Rs. 502 million this year.
| Profit and Loss Account for the year ended December 31, 2019 (‘000 Rupees) | |||
|---|---|---|---|
Dec-19 | Dec-18 | % Change | |
| Mark-up/return/interest earned | 12,791,334 | 7,555,595 | 69.30% |
| Mark-up/return/interest expensed | 9,272,249 | 4,847,164 | 91.29% |
| Mark-up/return/interest income | 3,519,085 | 2,708,431 | 29.93% |
| NON-MARK-UP/INTEREST INCOME | |||
| Fee and commission income | 331,658 | 270,927 | 22.42% |
| Dividend income | 61,381 | 45,332 | 35.40% |
| Foreign exchange income | 432,256 | 237,464 | 82.03% |
| Income / (loss) from derivatives | |||
| Gain / (loss) on securities | 20,697 | 214,586 | 452.95% |
| Other income | 154 | 3,743 | -99.98% |
| Total non-mark-up/interest income | 846,146 | 772,052 | 9.60% |
| Total Income | 4,365,231 | 3,480,483 | 25.42% |
| NON-MARK-UP/INTEREST EXPENSES | |||
| Operating expenses | 2,732,037 | 2,264,098 | 20.67% |
| Workers’ Welfare Fund | 22,920 | 23,024 | -0.45% |
| Other charges | 8,078 | 15,278 | -47.13% |
| Total non-mark-up/interest expenses | 2,763,035 | 2,302,400 | 20.01% |
| Profits before provisions | 1,602,196 | 1,178,083 | 36.00% |
| (Provisions) / reversal and write offs – net | (502,047) | (68,364) | 634.37% |
| Extraordinary items/unusual items | – | – | |
| Profit before taxation | 1,100,149 | 1,109,719 | -0.86% |
| Taxation | (413,691) | (426,990) | -3.11% |
| Profit after taxation | 686,458 | 682,729 | 0.55% |
| Earnings per share – basic (Rupees) | 0.68 | 0.68 | 0.00% |
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